COURTOIS: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
COURTOIS
Largest movements
- Receivables within one year +€430,067
up €430,067 (+30.9%), from €1.4m to €1.8m
of which Trade receivables: +€469,500
- Cash +€191,548
up €191,548 (+34.9%), from €549,627 to €741,175
mainly Net result for the year (+€500,226) and Depreciation (+€330,978)
- Tangible fixed assets -€162,727
down €162,727 (-7.7%), from €2.1m to €2.0m
of which Land and buildings: -€100,220
- Stocks and contracts +€61,444
up €61,444 (+10.0%), from €617,208 to €678,652
- Reserves +€400,000
up €400,000 (+15.1%), from €2.6m to €3.0m
of which Distributable reserves: +€400,000
- Debts after one year -€161,966
down €161,966 (-10.3%), from €1.6m to €1.4m
- Investment grants +€145,215
new in 2025: €145,215
- Profit (loss) carried forward +€100,226
up €100,226 (+205%), from €48,931 to €149,157
- Gross operating margin +€370,227
up €370,227 (+37.6%), from €983,730 to €1.4m
- Financial income +€127,164
up €127,164 (+151%), from €84,161 to €211,325
of which Financial income: +€112,164
- Write-downs +€122,304
up €122,304, from -€29,664 to €92,640
- Taxes +€85,754
up €85,754 (+104%), from €82,842 to €168,596
- Other operating charges -€50,266
down €50,266 (-38.7%), from €129,774 to €79,509
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,269,073 | €5,744,431 | +€475,357 | +9.0% |
| Fixed assets | 21/28 | €2,207,226 | €1,999,950 | -€207,276 | -9.4% |
| Intangible fixed assets | 21 | €47,700 | €0 | -€47,700 | -100% |
| Tangible fixed assets | 22/27 | €2,121,671 | €1,958,943 | -€162,727 | -7.7% |
| Land and buildings | 22 | €1,542,480 | €1,442,260 | -€100,220 | -6.5% |
| Plant, machinery and equipment | 23 | €229,440 | €251,824 | +€22,384 | +9.8% |
| Furniture and vehicles | 24 | €109,456 | €76,751 | -€32,705 | -29.9% |
| Leasing and similar rights | 25 | €240,295 | €188,108 | -€52,187 | -21.7% |
| Financial fixed assets | 28 | €37,855 | €41,007 | +€3,152 | +8.3% |
| Current assets | 29/58 | €3,061,847 | €3,744,480 | +€682,633 | +22.3% |
| Amounts receivable after more than one year | 29 | €300,000 | €300,000 | = | 0.0% |
| Other amounts receivable | 291 | €300,000 | €300,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €617,208 | €678,652 | +€61,444 | +10.0% |
| Stocks | 30/36 | €617,208 | €678,652 | +€61,444 | +10.0% |
| Amounts receivable within one year | 40/41 | €1,392,809 | €1,822,877 | +€430,067 | +30.9% |
| Trade receivables | 40 | €1,106,496 | €1,575,995 | +€469,500 | +42.4% |
| Other amounts receivable | 41 | €286,314 | €246,882 | -€39,432 | -13.8% |
| Current investments | 50/53 | €200,000 | €200,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €549,627 | €741,175 | +€191,548 | +34.9% |
| Deferred charges and accrued income | 490/1 | €2,202 | €1,777 | -€425 | -19.3% |
| Total equity and liabilities | 10/49 | €5,269,073 | €5,744,431 | +€475,357 | +9.0% |
| Equity | 10/15 | €2,816,681 | €3,462,122 | +€645,441 | +22.9% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €2,642,750 | €3,042,750 | +€400,000 | +15.1% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €30,250 | €30,250 | = | 0.0% |
| Distributable reserves | 133 | €2,600,000 | €3,000,000 | +€400,000 | +15.4% |
| Profit (loss) carried forward | 14 | €48,931 | €149,157 | +€100,226 | +205% |
| Investment grants | 15 | - | €145,215 | +€145,215 | |
| Amounts payable | 17/49 | €2,452,392 | €2,282,309 | -€170,083 | -6.9% |
| Amounts payable after more than one year | 17 | €1,567,834 | €1,405,868 | -€161,966 | -10.3% |
| Financial debts | 170/4 | €1,567,834 | €1,405,868 | -€161,966 | -10.3% |
| Amounts payable within one year | 42/48 | €850,506 | €810,574 | -€39,932 | -4.7% |
| Current portion of amounts payable after more than one year | 42 | €206,799 | €209,989 | +€3,190 | +1.5% |
| Trade debts | 44 | €54,637 | €43,268 | -€11,369 | -20.8% |
| Suppliers | 440/4 | €54,637 | €43,268 | -€11,369 | -20.8% |
| Taxes, remuneration and social security | 45 | €104,495 | €100,343 | -€4,152 | -4.0% |
| Taxes | 450/3 | €72,564 | €66,874 | -€5,691 | -7.8% |
| Remuneration and social security | 454/9 | €31,931 | €33,469 | +€1,538 | +4.8% |
| Other amounts payable | 47/48 | €484,574 | €456,974 | -€27,600 | -5.7% |
| Accrued charges and deferred income | 492/3 | €34,052 | €65,866 | +€31,815 | +93.4% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €344,631 | €329,527 | -€15,104 | -4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €306,812 | €330,978 | +€24,166 | +7.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€29,664 | €92,640 | +€122,304 | |
| Other operating charges | 640/8 | €129,774 | €79,509 | -€50,266 | -38.7% |
| Non-recurring operating charges | 66A | €574 | - | -€574 | |
| Gross operating margin | 9900 | €983,730 | €1,353,956 | +€370,227 | +37.6% |
| Operating profit (loss) | 9901 | €231,602 | €521,303 | +€289,701 | +125% |
| Financial income | 75/76B | €84,161 | €211,325 | +€127,164 | +151% |
| Recurring financial income | 75 | €84,161 | €196,325 | +€112,164 | +133% |
| Non-recurring financial income | 76B | - | €15,000 | +€15,000 | |
| Financial charges | 65/66B | €65,103 | €63,805 | -€1,298 | -2.0% |
| Recurring financial charges | 65 | €65,103 | €63,805 | -€1,298 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | €250,659 | €668,822 | +€418,163 | +167% |
| Income taxes | 67/77 | €82,842 | €168,596 | +€85,754 | +104% |
| Profit (loss) for the period | 9904 | €167,817 | €500,226 | +€332,409 | +198% |
| Profit (loss) for the period to be appropriated | 9905 | €167,817 | €500,226 | +€332,409 | +198% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.